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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
COMM
PRCD
VOD
Vodafone International Financing DAC€1,500
3EMEA
Feb 24, 2026
currency
EUR
size (m)
500.000
maturity
Apr 27, 2030
type
Fixed
tenor
4.200
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa2
s&p
BBB
fitch
BBB
size description
-
re-open/tap
No
ipt
MS+85 area
ipt-pxd
-33
guidance
MS+55 area
spread
52
coupon
2.75%
spread set
-
price
99.54500
yield
2.869%
book size (m)
1,500
peak book (m)
2,200
x-covered
3
book attrition
-31.82%
nic
-
billing & delivering
active leads
-
joint leads
BAM, BNP, HSB, MOS, ...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,500
peak book (m)
2,200
x-covered
3
book attrition
-31.82%
nic
-
billing & delivering
active leads
-
joint leads
BAM, BNP, HSB, MOS, ...
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
500.000
maturity
Apr 27, 2035
type
Fixed
tenor
9.200
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa2
s&p
BBB
fitch
BBB
size description
-
re-open/tap
No
ipt
MS+125 area
ipt-pxd
-33
guidance
MS+95 area
spread
92
coupon
3.50%
spread set
-
price
99.17100
yield
3.609%
book size (m)
1,250
peak book (m)
2,250
x-covered
2.5
book attrition
-44.44%
nic
-
billing & delivering
active leads
-
joint leads
BAM, BNP, HSB, MOS, ...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,250
peak book (m)
2,250
x-covered
2.5
book attrition
-44.44%
nic
-
billing & delivering
active leads
-
joint leads
BAM, BNP, HSB, MOS, ...
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
500.000
maturity
Apr 27, 2041
type
Fixed
tenor
15.200
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa2
s&p
BBB
fitch
BBB
size description
-
re-open/tap
No
ipt
MS+155-160
ipt-pxd
-27.5
guidance
MS+130#
spread
130
coupon
4.125%
spread set
-
price
98.51500
yield
4.261%
book size (m)
1,000
peak book (m)
1,350
x-covered
2
book attrition
-25.93%
nic
-
billing & delivering
active leads
-
joint leads
BAM, BNP, HSB, MOS, ...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,000
peak book (m)
1,350
x-covered
2
book attrition
-25.93%
nic
-
billing & delivering
active leads
-
joint leads
BAM, BNP, HSB, MOS, ...
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1500; Registration: Reg S Only; Comments: EUR500m 4.2yr cpn fxd 2.75% at 99.545, yld 99.545. Spread: MS+52bps. 64.4bps vs OBL 2.400% due April 18, 2030 @100.680 / 2.225%/ (HR: 98%). Par Call: 3m. MWC: B+10bps. Clean-Up Call: 75%. CoC: 101%. LEI: 2138004BCYGT82KFW603; Book size: 1250; Registration: Reg S Only; Comments: EUR500m 9.2yr cpn fxd 3.50% at 99.171, yld 3.609%. Spread: MS+92bps. 97bps vs DBR 2.500% due February 15, 2035 (TWIN) @98.900 / 2.639%/ (HR: 97%). Par Call: 3m. MWC: B+15bps. Clean-Up Call: 75%. CoC: 101%. LEI: 2138004BCYGT82KFW603; Book size: 1000; Registration: Reg S Only; Comments: EUR500m 15.2yr cpn fxd 4.125% at 98.515, yld 4.261%. Spread: MS+130bps. 124.5bps vs DBR 4.750% due July 4, 2040 @119.940 / 3.016%/ (HR: 84%). Par Call: 3m. MWC: B+20bps. Clean-Up Call: 75%. CoC: 101%. LEI: 2138004BCYGT82KFW603;
Deal Comments
Reoffer: 4.2yr: MS+52bp / 99.545 / 2.869% 9.2yr: MS+92bp / 99.171 / 3.609% 15.2yr: MS+130bp / 98.515 / 4.261% Benchmark: 4.2yr: OBL 2.4% 18-Apr-30 @ 100.68 / B+64.4bp (HR: 98%) 9.2yr: DBR 2.5% 15-Feb-35 @ 98.90 / B+97bp (HR: 97%) 15.2yr: DBR 4.75% 04-Jul-40 @ 119.94 / B+124.5bp (HR: 84%) Launched: 4.2yr: €500m @ MS+52 - Orderbook >€2bn 9.2yr: €500m @ MS+92 - Orderbook >€1.9bn 15.2yr: €500m @ MS+130 - Orderbook >€1.1bn Spread set at: 4.2yr: MS+52bp 9.2yr: MS+92bp 15.2yr: MS+130bp - Combined orderbooks in excess of €5bn at guidance Guidance: 4.2yr: MS+55bp 9.2yr: MS+95bp 15.2yr: MS+130# - Combined orderbooks in excess of €5.8bn IPTs: 4.2yr: MS+85a 9.2yr: MS+125a 15.2yr: MS+155-160a Issuer: Vodafone International Financing DAC (VOD, IE) Issuer LEI: 2138004BCYGT82KFW603 Guarantor: Vodafone Group Plc Guarantor LEI: 213800TB53ELEUKM7Q61 Guarantor Ratings: Baa2/BBB/BBB (Stable/Stable/Stable Outlook; Moody's/S&P/Fitch) Expected Issue Ratings: Baa2/BBB/BBB (Moody's/S&P/Fitch) Format: Senior, Unsecured, Reg S Bearer (no communications with or into the U.S.), New Global Note, TEFRA D Size: €1.5bn (€500m each tranche) Ranking: Senior Unsecured Joint Bookrunners: BNP Paribas (B&D)/BofA Securities/HSBC/Morgan Stanley/NatWest Maturity Date: 4.2yr: 27-Apr-30 9.2yr: 27-Apr-35 15.2yr: 27-Apr-41 Coupon: 4.2yr: 2.75%, Fixed, Annual, Act/Act (short first) 9.2yr: 3.50%, Fixed, Annual, Act/Act (short first) 15.2yr: 4.125%, Fixed, Annual, Act/Act (short first) Re-offer: 4.2yr: MS+52bp / 99.545 / 2.869% 9.2yr: MS+92bp / 99.171 / 3.609% 15.2yr: MS+130bp / 98.515 / 4.261% Reference Benchmark: 4.2yr: B+64.4bp vs OBL 2.4% 18-Apr-30 @ 100.68 / 2.225% (HR: 98%) 9.2yr: B+97bp vs DBR 2.5% 15-Feb-35 (TWIN) @ 98.90 / 2.639% (HR: 97%) 15.2yr: B+124.5bp vs DBR 4.75% 04-Jul-40 @ 119.94 / 3.016% (HR: 84%) MWC: 4.2yr: B+10bp 9.2yr: B+15bp 15.2yr: B+20bp Optional Redemption: 3-month Par Call / MWC / Clean-Up Call (75%) at Par / CoC @ 101 Documentation: EMTN Base Prospectus dated 16-Jun-25 as supplemented on 12-Feb-26 / English Law Listing: Euronext Dublin, Regulated Market Denoms: €100k+€1k Sales to Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law Use of Proceeds: An amount equal to the net proceeds of the issuance will be applied for the general corporate purposes of the Group, including, without limitation, intended exercise of the make-whole call option to redeem Vodafone Group Plc's outstanding USD 4.375% May-2028 notes ($429 million outstanding) ISIN: 4.2yr: XS3307284698 9.2yr: XS3307284771 15.2yr: XS3307284854 Settlement: 27-Feb-26 (T+3) TOE: 4.2yr: 14:50 UKT 9.2yr: 14:49 UKT 15.2yr: 14:48 UKT FTT: 15:25 UKT Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Issuer's Base Prospectus dated 16-Jun-25 and supplement dated 12-Feb-26 are available at https://investors.vodafone.com/debt-investors/bonds-outstanding-eu-and-us and the Final Terms (when published) will be available at https://live.euronext.com. Target Market: The manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as the notes will not be made available to retail investors in the EEA or the UK.
Guarantor(s)
Vodafone Group Plc
Use of Proceeds
General corporate purposes of the Group, including, without limitation, intended exercise of the make-whole call option to redeem Vodafone Group Plc’s outstanding USD 4.375% May-2028 notes ($429 million outstanding)

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